GBPUSD Up 2 Pips Over Past Hour, 4 Day Up Streak Ended; Breaks Below 50 Day Average

Hourly Update

(Last Updated October 14, 2020 2:19 GMT)

Currently, GBPUSD’s rate is up 2 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

GBPUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 4 up days, GBPUSD snaps its streak, falling 132 pips (-1.01%) over the past day to close at an exchange rate of 1.29317. Relative to other instruments in the Forex asset class, GBPUSD ranked 39th yesterday in terms of percentage price change. Below is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

First things first: GBPUSD crossed below its 50 day moving average yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 45.2 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days GBPUSD’s price has gone up 11 them.